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First Internet swap executed via TreasuryConnect
By Cia Frey

CHICAGO, May 23 (Reuters) - Xerox Corp. (NYSE:XRX - news) has executed the first online interest rate swap via the electronic auction system TreasuryConnect`s Internet trade platform, TreasuryConnect said.

Xerox now plans to use an Internet-based auction platform to conduct its monthly interest rate swaps following the swap, which was done last Thursday, Richard Ragazzo, Xerox`s assistant treasurer, said in a statement issued by TreasuryConnect.

``I think in the short run (the benefits are) more about execution, and over the longer run it is more about straight-through processing and data management,`` TreasuryConnect President Bruce Usher told Reuters.

TreasuryConnect LLC (http://www.treasuryconnect.com), with offices in New York and Los Angeles, is a secure electronic auction and information system that allows corporate swap users to negotiate and transact interest rate and currency swaps with multiple dealers in real time on the Internet.

The use of such a platform is expected to result in more competition and better price discovery, Usher said.

Straight-through processing, which automates much of the swap-dealing process and is the other primary benefit of the system, reduces operating costs through automation of manually intensive middle and back office functions.

``In the short run, this is a cleaner way to do swaps, rather than picking up the phone and faxing papers all over the place,`` Usher said.

TreasuryConnect aims to maximize the operating efficiency of the transaction execution process. It does not alter the existing trading process or the relationships between customers and dealers.

``It went very glitch-free,`` Xerox`s Ragazzo told Reuters. ``It was all real-time. The dealers also had a very good experience, from conversations we had subsequently. So the system worked well and it`s simultaneous. Everyone is on at the same time.``

Currently, TreasuryConnect said, its system includes 20 dealers providing pricing and execution capabilities.

``It was not difficult to get the swaps dealers on board because it really didn`t require any significant systems efforts on the part of the swap dealers or on the part of Xerox,`` Ragazzo said. ``Literally, just having a Web browser and access to the TreasuryConnect system is all that is required.``

Corporate treasurers also have access to analytical tools to price swaps on TreasuryConnect. Until now, treasurers have been dependent on dealers to come up with pricing for particular swap instruments.

The swaps market is one of the last securities markets to embrace electronic trading and is still heavily dependent on the telephone. The value of the domestic interest rate and currency swaps market is estimated to be $6 trillion, TreasuryConnect said.

The current phone-based auction process typically takes a few hours and requires the end-user to contact dealers over the phone, then e-mail or fax a term sheet on which the dealer prices the swap before giving a rate back to the end-user over the phone.

TreasuryConnect investors include founding investor Williams Capital Group L.P. of New York and ADS Associates of Los Angeles.

AIG Financial Products Corp., a unit of American International Group Inc. (NYSE:AIG - news), and a limited partnership whose general partner is Enron Investment Partners Co., a unit of Enron Corp. (NYSE:ENE - news), acquired minority stakes in the company in May.

Übersetzung: http://www.freetranslation.com/

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